What is CMS Energy's northstar clean energy — investments?

CMS Energy (CMS) reported northstar clean energy — investments of $61M in Q4 2025.

How has CMS Energy's northstar clean energy — investments changed year-over-year?

CMS Energy's northstar clean energy — investments decreased by 4.7% year-over-year, from $64M to $61M.

What does northstar clean energy — investments mean?

The carrying value of the segment's investments in other entities, such as joint ventures, partnerships, or equity-method investees. This reflects the segment's strategic interests outside of its direct operations.

CMS Energy CMS NorthStar Clean Energy — Investments

Similar metrics at other companies

CIEvernorth Health Services — Net Investment Gains Losses Equity Method Investments

$0—

EPDInvestments

$2.18B-3.3%

LODEStrategic Investments — Non-Current Assets

$62.41M+37.2%

ETInvestments

$3.65B+11.8%

STWDInvesting and Servicing Segment — Investments in unconsolidated entities

$33.32M—

PENNNortheast — Investment in and advances to unconsolidated affiliates

$100K0.0%

Other financials

Income statement

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Revenue$2.7B+11.6%

Operating income$490.0M-0.8%

Net income$340.0M+11.8%

EPS (diluted)$1.10+8.9%

Balance sheet

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Cash & equivalents$263.0M-50.0%

Total debt$19.1B+12.7%

Total equity$9.5B+13.6%

Total assets$40.3B+11.0%

Cash flow

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Operating cash flow$705.0M-29.5%

CapEx$1.0B+17.0%

Free cash flow-$334.0M-398%

Valuation

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Market cap$23.63B+16.1%

Enterprise value$42.49B+13.5%

P/E21.4×+1.4×

P/S2.7×+0.1×

Profitability

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Operating margin19.5%-0.6pp

Net margin12.5%-0.6pp

FCF margin12.8%-8.1pp

Returns & leverage

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Return on equity12.4%-0.1pp

Debt / equity2×0.0×

Current ratio0.8×-0.2×

Where this comes from

Reported directly by CMS Energy in its filing.

Tagged under the XBRL concept us-gaap:EquityMethodInvestments.

The official record: CMS Energy’s 10-K, filed February 10, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is CMS Energy's northstar clean energy — investments?: CMS Energy (CMS) reported northstar clean energy — investments of $61M in Q4 2025.
How has CMS Energy's northstar clean energy — investments changed year-over-year?: CMS Energy's northstar clean energy — investments decreased by 4.7% year-over-year, from $64M to $61M.
What does northstar clean energy — investments mean?: The carrying value of the segment's investments in other entities, such as joint ventures, partnerships, or equity-method investees. This reflects the segment's strategic interests outside of its direct operations.